NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Pure Industrial Real Estate Trust ("PIRET") (TSX: AAR.UN) today announced that it has filed and obtained receipts for a preliminary base shelf prospectus. The preliminary base shelf prospectus was filed with securities regulatory authorities in each of the provinces and territories of Canada on August 3, 2016, but has not yet become final for the purposes of the sale of securities.

Once receipts for the final based shelf prospectus are obtained from the applicable securities regulators, the final base shelf prospectus will be valid for a 25-month period, during which time PIRET may issue, from time to time, trust units, debt securities, warrants, subscription receipts, or any combination thereof, having an aggregate offering price of up to CDN$750 million (or its equivalent in any other currency used to denominate the securities issued at the time of offering).

Securities may be offered for sale separately or in combination with one or more other securities and may be sold from time to time in one or more transactions at a fixed price or prices (which may be changed) or at market prices prevailing at the time of sale, at prices determined by reference to such prevailing market prices or at negotiated prices at the time of the offering. The specific terms of any offering of securities will be contained in a prospectus supplement filed at the time of their offering.

The base shelf prospectus was filed to provide PIRET with financial flexibility and efficient access to Canadian capital markets.

No securities may be sold, nor may offers to buy be accepted, until a receipt for the final base shelf prospectus is obtained from the applicable securities regulatory authorities. This press release does not constitute a public offering of securities, nor is it a solicitation to buy securities, in any jurisdiction. This press release does not constitute an offer of securities for sale in the United States, and the securities referred to in this press release may not be offered or sold in the United States unless registered under the U.S. Securities Act or pursuant to an applicable exemption from registration under the U.S. Securities Act and applicable state securities laws.

About Pure Industrial Real Estate Trust

PIRET is an unincorporated, open-ended investment trust that owns and operates a diversified portfolio of income-producing industrial properties in leading markets. PIRET is an internally managed REIT that focuses exclusively on investing in industrial properties.

Certain statements contained in this press release may constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "plan", "expect", "may", "will", "intend", "should", and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The forward-looking statements contained in this news release are based on certain key expectations and assumptions made by PIRET, including: expectations and assumptions concerning receipt of required regulatory approvals.

Although PIRET believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because PIRET can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the failure to obtain necessary regulatory approvals, competitive factors in the industries in which PIRET operates, prevailing economic conditions, and other factors, many of which are beyond the control of the PIRET.

The forward-looking statements contained in this press release represent PIRET's expectations as of the date hereof, and are subject to change after such date. PIRET disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.

THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.